>Here's a brief quote from the Executive Summary of the paper:
"...The United States should reduce its greenhouse gas
emissions
by between 60 and 80 percent by 2050 to contribute to global
efforts
to address climate change. To do so, the United States should
adopt
an economy-wide, mandatory greenhouse gas reduction. The central
component of this program should be a cap-and-trade program..."
Eric,
Chairmen Dingell and Boucher rule their sandboxes...cars and
coal...in
the 110th Congress, House of Representatives. They are staffed by
experienced and rational professionals and neither Chairman engage in
dramatic flare.
Their statement that the US should reduce GHGs to 60-80 percent by
2050 may not soon be enacted into law but it serves a much greater
purpose in a wholly separate world..the investment world of pension
and mutual funds.
Long term investments in carbon-haevy equities will suffer serious
devaluation if the Dingell-Boucher 60-80% GHG reduction requirement
does become law.
Divesting carbon-heavy stocks will be inevitable because, while day
traders can make stupid pesonal investments, huge multi-billion
dollar
funds are a different breed of investor. They make buy-sell governed
not by hunches or instict and they answer to their investors who have
access to judicial remedies for fiduciary irresponsibility.
Wall Street is reading the White Paper very carefully. That is good.
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